World Food Prices At Record High

This could be one of the big stories of 2011. Look for export restrictions, trade sanctions, riots and food resource wars to follow. CBC reports:

Global food prices rose to a record in December, the UN’s Food and Agriculture Organization reported Wednesday, surpassing highs in 2008 when rising prices sparked riots in 61 countries.

The FAO food price index — which measures monthly price changes in a basket of foods including cereals, oilseeds, dairy, meat and sugar — averaged 215 in December, up for the sixth straight month, and its highest in nominal terms since 1990.

That was up from 206.0 points in November and passed the high of 213.5 in June 2008 during the food crisis at that time.

Its sugar price index soared to a record high of 398.4 points from 373.4 points in November.

The FAO’s cereals price index, which includes prices of main food staples such as wheat, rice and corn, rose to an average of 237.6 points in December, the highest level since August 2008 and up from 223.3 points in November…